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CHEQUE COLLECTION POLICY 1.Policy on collection of cheques payable locally The customer's account shall be credited in respect of local cheques latest on third working day from the date of acceptance of cheques at the counters / dropped in drop boxes within the time indicated for local clearing on the same day (each branch would specify its own cut-off time depending upon its working hours and distance from the clearing house) and on fourth working day if deposited beyond the timings indicated on drop boxes / Notice Board. 2.Outstation Cheques. (i) Time frame for affording customer's Account Cheques to be collected at major Metropolitan centers in 10 days and at other centers in 14 days. (ii) Policy of compensation on Delayed collection The bank will pay interest to its customers on delayed collection as applicable on saving bank deposit for the delayed period beyond the prescribed period i.e 10/14 days as the case may be . Such interest shall be paid without demand from the customers in all types of accounts. (iii) Procedure for handling the dishonoured cheques or lost in transit In the event a cheque or an instrument accepted for collection is lost in transit or in clearing process or at the paying bank's branch, the bank shall immediately on coming to know of the loss , bring the same to the notice of account holder so that the account holder can inform the drawer to record stop payment and also take care that cheques, if any, issued by him/ her are not dishonored due to non- credit of the amount of the lost cheque / instruments. The bank would pay interest at saving bank rate if the notice of the cheque / instrument having been lost is given after the maximum prescribed period for the collection of outstation cheques i.e 10/14 days, as applicable. Such interest will be paid for the number of days the delay occurred in giving notice to the customer beyond these prescribed 10/14 days as applicable. 3. Force Majeure The Bank shall not be liable to compensate customer for delayed credit if some unforeseen event ( including but not limited to civil commotion , sabotage, lockout, strike or other labour disturbances , accident ,fires, natural disaster or other " Acts of GOD" , war damage to the bank's facilities or of its correspondent bank(s), absence of the usual means of communication or all types of transportation ,etc) beyond the control of the bank prevents it from performing its obligations within the specified service delivery parameters. 4. Facility of Immediate credit of cheques sent for collection local and outstation. The instant credit of outstation / local cheques are permitted only up to Rs. 5000/-, subject to usual safeguards and Bank is satisfied about the proper conduct of the account of customer. The Bank will extend the facility to all individual depositors without making a distinction about their status i.e Saving Bank , Current or Cash credit. If cheques / instrument for which immediate credit has been afforded is returned unpaid bank shall recover interest at clean overdraft rate for the period bank remained out of funds and recover prescribed cheque returned charges subject to the following: 1) No interest will be charged to the customer for the period between the date of credit of the outstation cheque lodged and its return. 2.)Bank will charge interest from the date of return of the cheque till reimbursement of money to the bank. 3.) Where the cheque is credited to a Saving Bank Account ,no interest will be payable on the amount so credited if the cheque is returned.. 4) If the proceeds are credited in overdraft / Loan account , interest would be recovered at applicable rate on the amount of returned cheque / instrument . |